In this episode, Jo and Vicky discuss why so many dog trainers feel guilty about how much they need to charge to generate a profit. They look at why being afraid to set a high enough price point is so widespread within the industry and the negative impact this has on you and your customers.
They explain, in detail, how to overcome this negative mindset so that you can help moredog owners, including those that do not have much money, and once again enjoy yourwork. This episode includes a process you can use to determine what the right price point is for your business.
KEY TAKEAWAYS
If your business does not make a profit, it will fold, and you will not be able to helpany more dogs.
When your price point is high enough to cover all of your overheads and pay you adecent wage, you work fewer hours and have the energy to help other groups of dog owners who are in dire need.
Everyone makes choices about how much they want to pay for things e.g. someonewho can afford a Range Rover might decide to buy a Kia instead.
Your customers can choose to pay your prices or look for someone cheaper. Somemay even pay more than you charge to use a trainer that is closer to their home.
Most people have already spent thousands on buying their dog and what it needsand are only too happy to invest more in training.
Knowing your numbers is the first step in identifying the right price point for yourbusiness.
One-off classes are rarely cost effective or sustainable for a business. Jo and Vicky explain why and what to do instead.
High levels of customer retention make it far easier to stay profitable.
Having a high price point does not mean you cannot help those dog owners who arestruggling to make ends meet. It actually enables you to help more of them.
Look at how you feel about money, it has a huge impact on how you show up andyour ability to ask for what you are worth.
BEST MOMENTS
“Be yourself, offer the service that you believe is right.”“Stop using the word charging … it has a negative connotation .”
“Those businesses that have really good customer retention are the ones that succeed .”“If you don't go in with a higher ticket model, you're going to be stuck really quickly .”“The few that are willing to pay the higher investment allow you to be accessible to nearlyeverybody you want to be.”“If you genuinely want to be accessible to everyone, you have to make sure that the business is looked after.”
SOCIALS AND IMPORTANT LINKShttps://www.tiktok.com/@letstalkdogbusinesshttps://www.youtube.com/@LetsTalkDogBusiness
Website www.caninebusinessacademy.comCommunity Facebook Group:https://www.facebook.com/groups/caninebusinessacademycommunity/Let´s Talk Dog Business Strategy Book - https://www.amazon.co.uk/Lets-Talk-Dog-Business-Strategy/dp/1068791705
ABOUT THE HOSTSMeet Jo and Vicky! They bring a combined 25 years of expertise in the canine industry. Jo,with a background in corporate business, and Vicky, a dedicated advocate for rescueorganisations, form an unstoppable team. Beyond the mic, their lives are a whirlwind –managing two successful businesses, pursuing a full-time university degree, and parentingtwo little ones under four. Each of their homes combined is a lively menagerie, housing fivedogs and an abundance of chickens.